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Federal Income Tax Changes-2016

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Course Description

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law.

Learning Objectives

By the end of the course participantsshould be able to: List the 2016 changes in various amounts including Standard mileage rates, The standard deduction, The exemption amount, The AMT exemption amount, The limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and Deductions for qualified long-term care insurance premiums; Identify the 2016 tax credit changes affecting the Savers credit, Earned income credit, and Adoption credit; Recognize the 2016 changes affecting Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits, Roth IRA eligibility, and Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans; and List the changes effective for 2016 brought about by the Patient Protection and Affordable Care Act including the Increased individual penalties under the shared responsibility provision mandating insurance coverage, Small employer premium tax credit, and Applicable large employer mandate.

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Learning Format 5.5 Hours
Self-Study / On-Demand

Credit Type(s)
Taxes

Knowledge Level
Overview